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Home » Nigeria Week Ahead: Inflation, Naira and Oil in Focus

Nigeria Week Ahead: Inflation, Naira and Oil in Focus

…Inflation, Naira and Oil in Focus written by Lukman Otunuga

Techeconomy by Techeconomy
August 13, 2024
in Finance
0
Nigeria Inflation July 2023 by Lukman Otunuga | Trump Tariffs
Lukman Otunuga

Lukman Otunuga

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Some semblances of stability have returned to global markets after US recession fears created shockwaves last week.

Still, concerns over the health of the world’s largest economy linger with investors on high alert ahead of another busy week.

With the US elections just months away, this negative development adds another layer of uncertainty.

Much focus will be on the US CPI print, retail sales, and consumer confidence which are likely to shape expectations around how aggressively the Fed cuts rates.

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Regarding the fourth largest economy in Africa, the man theme will be the latest CPI print. One of the key themes in Nigeria in 2024 has been runaway inflation which jumped to 34.2% in June – it’s highest level since 1996.

However, the incoming CPI print is expected to show prices slowing in July, cooling to 33.2% compared to 34.2% in the previous month.

Given the CBN’s aggressive approach towards raising rates, signs of cooling price pressures will be a breath of fresh air for consumers.

It is worth nothing that the Central Bank of Nigeria has raised rates by a whooping 800 basis points in 2024.

Looking beyond inflation, the next key event will be GDP published later this month. After expanding 3% in Q1, it will be interesting to see whether growth can be maintained in Q2.

In the FX space, the Naira continues to gain against the dollar on the official exchange with the spot rate at N1589 as of Monday.

Regarding oil, it has extended its first weekly gain since early July thanks to geopolitical tensions in the Middle East.

cybersecurity levy by CBN and Naira
The naira (Photo: Bloomberg)

Rising oil prices may have a positive knock-on effect for the economy, especially when factoring how a major chunk of revenues is acquired from oil sales. However, this could be cancelled out by the rising cost of fuel imports which is costing Nigeria $600 million per month.

Still, this is set to be another big week for the global commodity due to the monthly outlook from the International Energy Agency.

Talking technicals, Brent has gained over 4% since the start of 2024 with prices trading above $80 as of writing. Key levels of interest can be found at $7, $82 and $82.80.

Lukman Otunuga is Senior Financial Market Analyst with FXTM

Note;

FXTM is a leading provider of financial education in forex, stocks, indices and commodities trading, dedicated to empowering individuals with the knowledge and tools they need to succeed in the financial markets. With a team of experienced professionals and a commitment to excellence, FXTM offers a range of services, including seminars, webinars, and personalized coaching.

Next Financial Markets Trading Seminar, scheduled for August 17th at FXTM Head Office in Lagos.

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